Iloilo rises as next investment powerhouse in Visayas
Iloilo is one of the fastest rising provinces in the country today.
In 2023, its gross domestic product (GDP) hit P215.42 billion, making it the second largest economy in Western Visayas, according to data from the Philippine Statistics Authority (PSA). More specifically, Iloilo accounted for 21 percent of the regional economy. Among the major contributors to the province’s economy include the services, industry and agriculture sectors.
Attractive location
Iloilo’s continued progress thus made it an attractive location for companies looking for expansion and investment opportunities in the Visayas.
Even its capital, Iloilo City, is emerging as a key urban hub, with its modern infrastructure, skilled workforce, and strategic location. In 2023, it was the fastest growing economy in Western Visayas and the second fastest among all highly urbanized cities in the country.
Its thriving economy is, in part, due to its robust outsourcing sector, as investors are drawn to the city’s skilled workforce. This, among many factors, has then fueled demand for offices, residences and commercial spaces, making Iloilo a prime investment destination for real estate.
Modern hubs
Townships and business parks are also helping drive economic growth, creating new jobs, and attracting major investments to the province.
One example is the Iloilo Business Park, the 72-ha township of property giant Megaworld, which is an integral part of the city’s modern central business district. It is home to residential condominiums, office towers, and world-class hotels, as well as the Iloilo Convention Center, the Festive Walk Mall, and the Iloilo Museum of Contemporary Art.
Infrastructure
To further boost the provincial and regional economy, President Ferdinand Marcos Jr. earlier urged Iloilo local government officials to coordinate with the national government in further developing infrastructure projects here.
Among the government projects earmarked for the region are the Jalaur River Multipurpose Project Stage 2; the first large-scale water reservoir to be constructed in the Visayas and Mindanao encompassing 23 towns and the cities of Iloilo and Passi; and the Panay-Guimaras-Negros Bridge, an ambitious bridge project linking the three major islands in the region.
Also on the drawing board is the Iloilo-Capiz-Aklan Expressway, which is seen to further benefit Iloilo with increased connectivity to its neighboring provinces.
Source: Inquirer Archives, iloilo.gov.ph, European Chamber of Commerce of the Philippines, pia.gov.ph, megaworldcorp.com, psa.gov.ph
